Like 2020, this year has been one for the record books. For the first time ever, young Americans (aged eighteen to thirty-four) are more likely to have a will than their older counterparts (aged thirty-five to fifty-four). The COVID-19 pandemic has forced younger Americans to consider the importance of estate planning and realize that it is not just a need of the ultrawealthy. 

Dean and Patricia were married for more than 50 years. In early 2017, Dean entered a nursing home. Patricia, acting as Dean’s authorized representative, executed the residency agreement with the nursing home. About six months later, Patricia filed an application for Medicaid benefits on Dean’s behalf. It was denied and several more applications were submitted before one was eventually accepted.

Dean died about three months later. The nursing home filed suit against Patricia, seeking Dean’s unpaid balance and alleging breach of contract, unjust enrichment, and responsibility under Iowa Code Section 597.14. The trial court found for the nursing home under Section 597.14 and rejected all other claims from both sides. Patricia appealed and now we have the instant ruling out of the Court of Appeals of Iowa.

From the announcement of the increased annual exclusion and gift and estate tax exemption for 2022 to the release of proposed regulations implementing the Corporate Transparency Act, we have recently seen significant developments in estate planning and business law. To ensure that you stay abreast of these legal changes, we have highlighted some noteworthy developments and analyzed how they may impact your estate planning and business law practice.